The sentence includes a non-parole period of three years and nine months, after fraudulent conduct cost investors more than $1.6 million, according to the Australian Securities and Investments Commission (ASIC).
Mr Evans pleaded guilty to 10 counts of misappropriating funds, while five further counts were also considered in sentencing, ASIC stated.
ASIC said its concerns arose from Mr Evan’s role as a director of Kismet Trading - which is now de-registered - during his employment at Bell Potter Securities, where he worked until his resignation in October 2008.
ASIC found Mr Evans failed to invest money on behalf of clients as agreed, and also provided false trading and performance reports, failed to repay the balance of the proceeds to the investors, and used client monies as collateral for his personal trading account.
The offending behaviour occurred between September 2002 and October 2008, when Mr Evans entered into contracts with individuals and self-managed superannuation funds to invest in listed Australian equities and derivatives, ASIC stated.
“This is the second prosecution in a month involving a financial adviser who has exploited client accounts in a deceptive fashion,” said ASIC commissioner Greg Tanzer, in reference to another former Bell Potter adviser, Lawson Stuart Donald.
Mr Donald last month received a fully suspended two-year six-month sentence after pleading guilty to one charge of dishonestly using his position as an employee with the intention of directly or indirectly gaining an advantage.
